The changes would allow the wealthiest schools to adopt some legislation on their own, including provisions for money beyond what current scholarships cover, up to the full cost-of-attendance, expanded insurance coverage and money to help families travel to NCAA tournaments.
The proposal would affect the 65 schools in the ACC, Big 12, Big Ten, Pac-12 and SEC.
NCAA President Mark Emmert supports the move. A formal vote is expected in August. If passed then, the transition could begin this fall.
The board also approved allowing schools to provide unlimited meals and snacks to athletes.